(Reuters) - Swedish engineering group Alfa Laval will invest 1 billion Swedish Crowns ($95.12 million) on efforts to boost its capacity in areas related to global energy transition, it said on Tuesday.
The investment aims to raise capacity in the manufacture and distribution of gasketed heat exchangers, which are used in both cooling and heating processes and are more energy efficient than counterparts such as shell-and-tube systems.
Heat exchangers are used to control or regulate the temperature of products in the pharmaceuticals and food industries among others. They are also used in district heating systems.
"While we are concerned about the global economy in the short-term, the demand trends remain strong, especially for technologies needed to rebuild the global energy system," said Chief Executive Tom Erixon.
($1 = 10.5133 Swedish crowns)